Dell Technologies’ Upcoming Q3 Results Preview

Analysts at Deutsche Bank shared their outlook on Dell Technologies Inc. (NYSE:DELL) ahead of the upcoming Q3 earnings, scheduled to be announced on Nov 21.

The analysts believe the company's Q3 guidance is adequately conservative, but the demand outlook for Q4 has worsened in recent months and they see downside risks for both ISG and CSG businesses, although the high ISG backlog could reduce the near-term impact.

Furthermore, the analysts see risks to their 2023 estimates as they believe PC industry units could decline by 5-10% year-over-year, while enterprise IT spending will likely weaken further led by slower server demand, vs. their current estimates for CSG revenue to grow 7% year-over-year and ISG revenue to grow 13% year-over-year.